(1) An application for a licence under section 7 shall not include an invitation to raise capital through a public issue of shares for the purpose of the proposed deposit-taking business until the applicant concerned obtains a final approval in accordance with section 12.

(2) The Bank of Ghana may for stated reasons vary the requirement under subsection (1), in respect of rural or community banks.

(3) An applicant who contravenes subsection (1), is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units.